Estate Law FAQs
What is estate planning?
Estate planning is the process by which an individual details how property should be transferred upon his or her death. Estate planning can also involve the preparation of documents concerning the health care wishes of the individual if he or she becomes terminally ill or disabled.
What is the meaning of "estate"?
Your "estate" will consist of all property owned by you at the time of your death. Examples of property that will be included in your estate are:
- Real estate,
- Bank accounts,
- Stocks and other securities,
- Life insurance policies, and
- Personal property such as automobiles, jewelry, and artwork.
What is the purpose of an estate plan?
An estate plan can help you:
- Identify individuals that you wish to receive your property after your death.
- Create instructions concerning the transfer of property to those you have identified.
- Keep the amount of taxes due at a minimum after your property passes to others upon your death.
- Dictate the kinds of life-prolonging medical care you wish to receive or have withheld if you become disabled or incompetent.
- Explain the kind of funeral arrangements you would like and set forth how the expenses will be paid.
What happens if I die without an estate plan?
If you die without leaving a will, your property then passes by intestate succession. This means that your state's laws will determine who will receive your property. All fifty states have laws to handle property that is passed without a will.
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